Crude Prices Set New 3-Year High in Wake of Iran Sanctions

Oil prices settled at their highest in more than three years Thursday, with the U.S.’s withdrawal from the Iran nuclear agreement continuing to reverberate across markets. Light, sweet crude for June delivery rose 0.3% to $71.36 a barrel on the New York Mercantile Exchange, reversing losses from earlier in the session. Brent, the global benchmark, also settled up 0.3% at $77.47. Uncertainty remained over the extent to which the renewed sanctions will curb Iran’s oil exports. The U.S.’s withdrawal from the 2015 international deal, which saw the easing of sanctions against Iran in return for curbs to its nuclear program, means sanctions will be reinstated in six months’ time. A gas flare on an oil production platform in the Soroush fields in the Persian Gulf, Iran, is seen alongside an Iranian flag. Photo: raheb homavandi/Reuters In the past, sanctions against Iran have cut the country’s exports by around 1 […]